Wednesday, September 14, 2016

Bayer is buying Monsanto in $66 billion deal

Now it's official: Monsanto is going to be swallowed up by a rival in the biggest takeover announced so far this year.

To clinch a deal, Germany's Bayer pumped even more money into its bid for the U.S. seed giant, valuing it at $66 billion, including debt.

It's the third time Bayer (BAYRY) has cranked up its offer, and this time it was enough to win the backing of Monsanto's board. The takeover would create a vast conglomerate spanning pharmaceuticals, health products and pesticides.

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